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Salem Media Group Sells Former Headquarters to Combat Organizational Debt

“We’re looking at pretty much all parcels that we own if there’s an opportunity to sell the land for reasonable value…”

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A photo of the Salem Media Group logo

Salem Media Group has sold its former corporate California headquarters for more than $6 million and will use the new funds to pay down its debt.

The company moved its headquarters from the Los Angeles suburb of Camarillo to the Dallas suburb of Irving in 2021.

Under the new deal, Salem Media Group agreed to sell the location, but continue to lease the building for $500,000 per year.

The sale is the latest in a string of moves by Salem to pay down its debt. It recently sold both its publishing and church products divisions. The Christian and conservative broadcaster also recently delisted itself from the Nasdaq market.

“We’re looking at pretty much all parcels that we own if there’s an opportunity to sell the land for reasonable value and either move somewhere or diplex (radio towers) at another location that we have,” Salem Media Group CEO David Santrella said during the company’s earnings call, according to Inside Radio.

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Media Business

Court Approves Audacy Reorganization Plan

“We have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.”

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Audacy Logo

A United States Bankruptcy Court for the Southern District of Texas has approved a plan for Audacy to reemerge from its bankruptcy proceedings.

Under the plan, Audacy will equitize more than $1.5 billion of funded debt, which reduces its debt load by 80%, down from $1.9 billion to $350 million.

Audacy Chairman David Field was encouraged by the development.

“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” said David Field, who also serves as the President and CEO of Audacy. “As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.

“We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence,” continued Field. “I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.” 

A statement from the company claims the restructuring “will enable Audacy to continue its strategic digital transformation and capitalize on its position as a scaled, leading multi-platform audio content and entertainment company differentiated by its exclusive, premium audio content.”

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Media Business

Fox News Begins 2024 Atop Key Digital Media Demographics

Fox News finished its 35th consecutive month atop the multiplatform minutes rankings, with 3.3 billion minutes according to a report from Comscore.

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Fox News Digital began 2024 by sitting atop the rankings in several key demographics in the digital media landscape.

Fox News finished its 35th consecutive month atop the multiplatform minutes rankings, with 3.3 billion minutes according to a report from Comscore. CNN finished with 1.9 billion minutes.

In multiplatform views, the outlet tallied 1.7 billion, with The New York Times scoring 1.5 billion. That marked the 16th consecutive month Fox News Digital finished on top.

6 million unique visitors visited the conservative cable outlet’s mobile app, which bested CNN, which tallied 5.4 million unique visitors.

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Media Business

Political Ad Spending Sees Highest Levels in Los Angeles, New York, San Francisco

AdImpact has tracked 465 unique political ads across broadcast stations. In the 209 markets being monitored, political ads have aired a combined 87, 536 times.

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A side profile of the U.S. Capitol.

As the 2024 election season continues to take shape, political advertising is seeing large gains in three major metropolitan areas.

AdImpact has tracked nearly $110 million in political ad spending over the past two weeks, with the largest recipients of those figures being Los Angeles ($13.2 million), New York ($10.5 million), and San Francisco ($7.2 million).

Thus far, the highest-spending advertisers are the Adam Schiff for Senate campaign, as the current representative vies for the spot vacated by the death of Diane Feinstein. The campaign has spent $8.1 million.

Additionally, the American Values PAC — a political action committee supporting Democrat Robert F. Kennedy Jr. — spent $7.2 million.

Finally, the Yes on Prop 1 in California campaign — which will attempt to tackle mental health issues in the state — has spent $5.4 million in advertising.

In total, AdImpact has tracked 465 unique political ads across broadcast stations. In the 209 markets being monitored, election ads have aired a combined 87, 536 times.

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